How to Save $10k in 6 Months

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Saving $10k in 6 months is no easy feat. However, it shouldn’t be harder than it needs to be. And it most certainly is doable. If you’re looking to save $10k in 6 months, look no further than this post. Here, we’ll be showing you how to save up and get to your goal in no time. Without further ado, let’s jump right into it.

What is the $10k challenge?

The $10k challenge is a popular challenge that’s been promoted throughout social media. It’s been featured on TikTok, Instagram, Twitter, etc. Usually, when this challenge is encouraged, the timeframe is set for anywhere between 3 months to a year. Depending on where you’re at income and expense-wise, you’ll want to set a timeframe accordingly. If it’s your first time doing the $10k challenge, perhaps a year would be a great start. If you’re someone who’s already a high-income earner, maybe challenge yourself to do it in 3 months.

In this post, we’ll focus on breaking down everything you need to know to get this challenge done in 6 months.

How should I prep for the $10k in 6 months challenge?

All you need to get started on this challenge is a checking and savings account. Your income will be deposited into your checking account as usual, but instead of just leaving the entire amount there, you’ll be transferring a portion of that money to your savings account. You can choose to do the transfer on a weekly, bi-weekly, or even monthly basis.

Alternatively, if you prefer a more hands-on approach and don’t mind having a large amount of cash in your home, you could always use an envelope system or a piggy bank for adults to store your saved cash.

What do I need to know to start the $10k in 6 months challenge?

In order to do the challenge successfully, you will need to know or be aware of a few things:

  • How much income you’ll be getting each month
  • Your projected expenses
  • Your preferred frequency of savings
  • How much you’ll need to save each period based on your frequency of savings

Why your income and expenses matter for the $10k challenge

Your income and expenses allow you to see how much you are likely to have at the end of the month to put into savings. If you’re looking to save $10k but you’re spending everything you make as it deposits into your bank account, then it doesn’t matter if you make $100,000 or $500,000 a year; you just won’t be able to complete the $10k challenge in 6 months or ever for that matter.

Your job is to subtract your expenses from your income and make sure that you’ll have enough money to put into savings to eventually reach $10k in 6 months.

How to determine preferred frequency of savings for the $10k challenge

To determine your preferred frequency, it really isn’t rocket science. Mainly, it depends on what you prefer. For some people, it’s easier to keep track of their income and savings on a bi-weekly basis because that’s how often they get a paycheck from their jobs. For others, it may be simpler to just transfer money on a monthly basis six times throughout.

No matter what frequency you prefer, whether it be weekly, bi-weekly, or monthly, we’ll have easy-to-read charts for you down below so that you don’t have to do any calculations on your end. You can simply look up how much you’ll need each period and what milestones you should be meeting along the way.

How much do I need to save per week to reach $10k in 6 months? [An Easy-to Read Chart]

The best way to keep yourself on track in this $10k challenge is to refer to a chart to plan out your steps. This chart helps to divide up milestones into bite-sized pieces, so that the entire process doesn’t become too overwhelming for you.

Take a look at how much you need to save per week to complete the $10k challenge in 6 months.

WeekAmount to SaveRunning TotalWeekAmount to SaveRunning Total
Week 1:$384.62$384.62 Week 14:$384.62$5,384.68  
Week 2:$384.62$769.24 Week 15:$384.62$5,769.30  
Week 3:$384.62$1,153.86 Week 16:$384.62$6,153.92  
Week 4:$384.62$1,538.48   Week 17:$384.62$6,538.54  
Week 5:$384.62$1,923.10   Week 18:$384.62$6,923.16  
Week 6:$384.62$2,307.72   Week 19:$384.62$7,307.78  
Week 7:$384.62$2,692.34   Week 20:$384.62$7,692.40  
Week 8:$384.62$3,076.96   Week 21:$384.62$8,077.02  
Week 9:$384.62$3,461.58   Week 22:$384.62$8,461.64  
Week 10:$384.62$3,846.20   Week 23:$384.62$8,846.26  
Week 11:$384.62$4,230.82   Week 24:$384.62$9,230.88  
Week 12:$384.62$4,615.44   Week 25:$384.62$9,615.50  
Week 13:$384.62$5,000.06   Week 26:$384.62$10,000.12  

How much do I need to save bi-weekly to reach $10k in 6 months? [An Easy-to Read Chart]

Take a look at how much you need to save bi-weekly to complete the $10k challenge in 6 months.

WeekAmount to SaveRunning TotalWeekAmount to SaveRunning Total
Week 2:$769.24$769.24 Week 16:$769.24$6,153.92  
Week 4:$769.24$1,538.48   Week 18:$769.24$6,923.16  
Week 6:$769.24$2,307.72   Week 20:$769.24$7,692.40  
Week 8:$769.24$3,076.96   Week 22:$769.24$8,461.64  
Week 10:$769.24$3,846.20   Week 24:$769.24$9,230.88  
Week 12:$769.24$4,615.44   Week 26:$769.24$10,000.12  
Week 14:$769.24$5,384.68      

How much do I need to save monthly to reach $10k in 6 months? [An Easy-to Read Chart]

Take a look at how much you need to save per month to complete the $10k challenge in 6 months.

MonthAmount to SaveRunning Total
Month 1:$1,666.67$1,666.67
Month 2:$1,666.67$3,333.34  
Month 3:$1,666.67$5,000.01  
Month 4:$1,666.67$6,666.68  
Month 5:$1,666.67$8,333.35  
Month 6:$1,666.67$10,000.02  

Tips to save money for the $10k challenge

If you’re unable to make your goal each week or month, try taking a look at these potential tips down below to adjust your income and/or expenses. You might need just a single one or you might need multiple to make it work.

  1. Start with the big expenses – for example, consider your fuel usage. Can you possibly cut down a few trips here and there?
  2. Cut down on the number of subscriptions – are there any subscriptions you haven’t used in the past few weeks? Many of us have multiple streaming services but mainly find ourselves gravitating towards one of them most of the time.
  3. Find food bargains – perhaps you’ve never really considered trying to shop for groceries based on sales. If you haven’t, this can help you quite a bit.
  4. Downgrade your vehicle – only if you really, really need the $10k. This is always an option, though it is quite a drastic one, so it may not be for everyone.
  5. Delay booking annual holidays – if you need the money, it may be worth it to delay a vacation or two.
  6. Watch Christmas spending carefully – this may not apply to you if your 6 months doesn’t cover Christmas, but if it does, great! You have the opportunity to save some money here.
  7. Take on a little overtime each week
  8. Start a freelance gig in your free time
  9. Try food delivery driving

If none of the above work for you, or you need more ideas, check out some of our other posts below:

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